Housing Experts Encouraged by Strong Pending Sales in September
Data issued this week by the MIBOR REALTOR® Association (MIBOR) for September 2015 shows continued increases in pending sales and home prices while closed sales remained essentially flat for the month.
Despite slow growth in September’s closings, local REALTORS® are encouraged by strong pending sales numbers as those can be expected to translate into closed sales in October and November. Pending sales increased 14.7 percent in the monthly comparison of September 2015 to the same period last year. In the quarter ending in September, pending sales rose 9.9 percent.
Closed sales in September were 0.4 percent higher than one year ago. Closed sales rose 6.3 percent in the three months ending in September compared to the same time period in 2014.
Sale prices continue healthy growth in both the one- and three-month reviews. The average sales price increased by 5.2 percent in September and 5.1 percent in the three-month review. The median sales price increased 3.9 percent in September and 4.2 percent for the three months ending in August.
“A double digit increase in pending sales is an encouraging sign for October and November closings, particularly since closed sales in September did not increase by a significant amount. It’s a typical settling period off a strong spring and summer.” said Kathy Hall, 2015 MIBOR president. She continued, “However, its clear buyers are still motivated by low interest rates and prices are growing at a rate that motivates sellers without scaring off buyers. It’s a very solid market.”